I am hoping to move into my new home in Ogmore Vale next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What does the insurance need to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These requirements are not unique to conveyancing in Ogmore Vale.
Can your site be used to locate a Conveyancing solicitor in Ogmore Vale even if I’m not purchasing or selling a house, for instance if I want to acquire a shop in Ogmore Vale with a loan from Chelsea Building Society?
The service is mainly used to find domestic conveyancing solicitors in Ogmore Vale but we have listed at the bottom of this page a few Ogmore Vale commercial conveyancing firms. You will need to speak with the firm directly to check if they can also act for Chelsea Building Society
We expect to receive a AIP from Lloyds this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Lloyds recommend any Ogmore Vale solicitors on the Lloyds conveyancing panel, or is it better to go independently?
You will need to appoint Ogmore Vale solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
The mortgage over my property is with TSB for my property in Ogmore Vale. Conveyancing was finalised some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform TSB?
TSB must be informed of your intention prior to renting your property as this is likely to be a breach of TSB’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. You need not do this via a TSB conveyancing panel lawyer.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Ogmore Vale bank branch on numerous occasions and was advised it wasn't an issue and they would lend. My Ogmore Vale conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they will not lend in accordance with their published requirements. Who do I believe?
The property lawyer has to follow the CML Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
What can a local search inform me regarding the house my wife and I buying in Ogmore Vale?
Ogmore Vale conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search company such as Xpress Legal The local search is essential in every Ogmore Vale conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your property. The search will reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Ogmore Vale is where the house is located. Can you offer any assistance?
Flying freeholds in Ogmore Vale are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ogmore Vale you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ogmore Vale may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I was advised by three or four local property agents in Ogmore Vale to choose a solicitor using your seach tool. What’s the financial upside for Estate Agents to offer your site rather than another?
We don’t give any commission for pointing buyers and sellers our way. We found it would be just too difficult a fee as members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.